The consultant said it had been expecting a decline in December as the peak season passed in December, but that "the degree of decline was much sharper than expected".

The year-on-year comparison also made for difficult reading, as prices this year are 15.4% adrift of December 2014. This decline is partly explained by reductions in the cost of oil as Drewry includes fuel and security surcharges in its rates.

Drewry expects there to be an initial improvement in January as a result of the Chinese New Year rush.

“But thereafter we expect further weakening in pricing until demand picks up in the Northern Hemisphere spring as European and North American retailers rebuild inventories for the new season,” it said.